The Bank of Ghana (BoG) has once again cautioned the general public (businesses, organizations, and people) to refrain from engaging in unlawful foreign currency transactions.
This complies with the Foreign Exchange Act of 2006. (Act 723).
Companies, institutions, and individuals are prohibited from engaging in foreign exchange business without a licence issued by the BoG, as well as pricing, advertising, receipting, or making payments for goods and services in foreign currency in Ghana without written authorization from the BoG, according to a statement issued by the Central Bank.
“Such violations are punishable on summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more 18 months, or both”, it pointed out.
“The Bank of Ghana cautioned the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from Bank of Ghana”, it emphasised.
The Central Bank of Ghana reminded the public that the Ghana Cedi is the sole legal tender in Ghana.
In this respect, the banking industry’s regulator stated that it would continue to crack down on illicit foreign exchange activities in collaboration with National Security and Law Enforcement Agencies, adding that “all offenders will be dealt with in accordance with the law.”
It closed by inviting the public to report any infractions to the Central Bank.
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SOURCE: myjoyonline
